St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-05-06
On the Chicago Board of Trade Wheat
Opened With a Strong and Bull
ish Tendency.
This Cereal, However, Was About the
Only Thing on the List Showing
ANY Firmness.
Kershaw Was an Active Buyer, and the
Shorts Helped the Bulge Along
Somewhat.
Transactions in the Financial Circles
Of Wall Street---Quotations of
the Day.
special to the Globe.

SPECIAL 10 the GloDe.
CHICAGO, May 5.-June wheat was this
morning nearly lc above last nights chose,
and Kershaw II Co., the clique brokers, were
taking all the offerings at even the top fig
ures The worst diSgruntled men at the open
ing to-day were the wheat bulls, who realized
Yesterday in the hope of reaction 10 buy
back on. New York opened lac bushel
higher. Duluth, the point which has fur
dished all the bear arguments for months,
was up from SlsSc to S3c for wheat. Cables
said that spot wheat was penny higher
at Liverpool. The whole local crowd had de-
serted the bear and gone bodily over to the
bull side. The old-time bear leaders were i'll
the dumps and gloomy. All opposition to the
wheat clique has been abandoned. Discus
sion over the clique's stability or instability
has been given up. There are still Il few
laxative fellows, who air themselves on the
curb or declaim in the offices i'll the after
noon, who are Of the opinion that this is
"ShoeString' deal, and bound TO collapse.
But substantial opposition 10 the operators of
this bull coterie have been abandoned. There
are sales ON the rallies by the bears, who eX-
pect 10 cover cheaper, and sales by the bulls
who hope 10 take on their lines again at
lower figure. But il Is true that there are
very few operators left who are putting out
short lines with the expectation of
STANDING BY THEM
and Of getting ont at the last day of the
market thoroughly under control with as
big line of options for June as il had prob
ably for May, with the outside markets all
waking up and with the cash wheat here, at
New York and at st. Louis in their hands.
The one incident Of the day was the an
nOuncement of the failure at New York of
Caruthers,one of those operators whose boast
il has been that he was making cents car
rying charges out of wheat each month for
the last three years. He was short of wheat,
however, on this advance, and it is n re-
markable fact that a 34-cent advance
should snap OF an operator who has been on
the bear side for so long. Rosenteld d Co.
bought as heavily of wheat as KerShaw, and
perhaps bought more. The clique houses
bought for both dune and July. Outsiders
who have watched the course of the market
narrowly are buying July. On the advances
July goes up most in proportion, and in the
breaks July drops very liule, so that there is
less risk, with quite If not more promise of
profit The exporters are really, however,
The biggest bulls. Kershaw says: Il never
knew such Il demand from all quarters as ex-
lists now. confidently expect TO see wheat
IN July sell at 81 10, and probably at 81 .25."
William Dunn says: THE continent and
the United Kingdom are both bidders for our
wheat and so big demand from both direc
the trade before
THE ROUTINE REPORT.
CHICAGO, May 5.-Wheat opened strong and
bulliSh this morning, but ii was about the
only thing on the list that showed any par
ucular tirmness. June opened ut S47sc and
SGld to S0SSc within fifteen minutes. June
corn opened steady at 40lsc, and eased back
to 397Sc. During the morning when Kershaw
was quite an active buyer, large number of
''shorts" came in and helped the bulge along
by buing June and July. The bull element,
which is now clearly in the majority, have
until recently been talking S1.15 for wheat
some time in the future, lat least as near as the
present crop. To-day it was given out that
they had thrown off &c from this estimate,
making the plice an even 81 10. One of them
was asked to-day what he expected would
make these prices. The reply was: ''Legiti-
mate demand from exporters, purchases for
Investment and general domestic use;
that is milling interests. There will
also be times when shorts will want it,
as they did to-day" Outsiders, ii is believed,
are responsible in part for the present firm
ness, or rather the strength now prevailing is
in sympathy with this tone existing in other
markets. Duluth, for instance, made an adj
vance of 7S4c since yesterday. Clearances at
seaboard ports yesterday were not quite up
to expectations, but the export demand is
good and promises 10 continue. After selling
at S5l2c June declined to S5c, later recov-
cred to former figures and went off again
on heavy local selling, rallied again to S1l2c
and closed at outside figures. Corn was
moderately active, with the feeling quite
weak early, but afterward ruled steadier. It
was rumored early that the Western roads
were going to reduce rates and this created a
general desire among local operators to SELL
AS the report was not confirmed the feeling
became steadier. Oats ruled easy, owing to
the same influences and favorable crop re-
ports. Mess pork was nomiually unchanged.
Lard was a little strong early, but gradually
settled back and closed the same as yester-
day. Short ribs closed little higher.
THE QUOTATIONS..
The leading futures ranged as follows:
Wheat-No. 2 May, S3c, closing at S3ssc !;
June, S47sc, closing at S5l2c; July, S4ssc,
cln = al Of
s3s4c. Corn@No . May, 38I2c, closing at
3Slsc; June, 40lsc, closing at 395sc; July,
41s4c, closing at lac; August, 42s4c, clos
ing at 42ssc. Oats-No. May, 27lse, clos
ing at 3678c; June, 2stsc, closing at 2slsc;
perbbl. May, $23, closing at 500. Lard
per 100 bbls., May, S6.92I2, closing at
S6.S7l2 June, 81, closing at S695; July,
SL07ls, closing at 500; August 81 -
May, S755, closing at S7.52l2; June, S76O,
closing at S7,60; July, $767l2, closing at
S7.67l2; August, $50, closing at S7.I7l2.
Cash quotations were as follows: Flour
steady and unchanged. Wheat-No.2 spring,
S3l2c. Corli-No. 2, 3s03Slsc. Oats-No.
=, 26Ssc. Rye-No. =, 56c. Barley-No. 2,
SIC. Flax SeedLNo. !, S1.09l2. Prime
timothy seed, S1;6G. Mess pork, per Dbl,
sides, loose s7,5o@755; dry sailed shout
ders, boxed, S5.9096; short clear sides,
boxed, 81. 9O@7 90. Whisky-Distillers' fin
iished goods, per GAL, Sis. Sugar-Cut
55se, ReceiptseFlour, $4,000 bbls; wheat,
$4,000 bu; corn, "A, 900 bu: oats 81, 900 bu
rye, 5000 bu; barley, 1900 bu. Ship
ments-Flour, 900 bbls; wheat, $4,000
bu; corn, ia 900 bu; oats, $4,000 bu; rye,
1000 bu; barley, 5000. On the produce
exchange to-day the butter market was quiet
and easy; creamery, 16@22c; dairy, 12@20c
eggs, 10l2c per doz.